Bitmain Acquires Telescope

Bitmain, a prominent name in the bitcoin mining industry, has reportedly acquired a Bitcoin cash wallet startup Telescope. Following the acquisition, there are plans to expand the active platforms that the wallet currently works upon.

The browser-based wallet currently operates on Google Chrome and Mozilla Firefox by storing cryptographic keys within an extension, effectively offering the same security in storing funds as any standalone wallets, by signing off transactions from the browsers itself. This technology is said to bring a simple but a key innovation into the bitcoin cash ecosystem.

Source: bitcoinmagazine.com

“Browser-embedded cryptocurrency wallets are a promising technology. The Telescope development team is doing some very interesting work and we look forward to working together with them on the Telescope project and future bitcoin cash projects.”, said Nishant Sharma, Head of International Press Relations and Communications at Bitmain.

At present, about 6% of total bitcoin cash is owned by Bitmain itself, which is translated to roughly $900 million at the beginning of 2018. Although according to the present market rates, the company has lost almost $350 million, around 20% due to dropping prices. But this acquisition shows the investment and trust Bitmain is putting on the future of bitcoin cash. The mining giant also recently filed for an IPO in the Hong Kong stock exchange.

Bitmain is the world’s largest designer of ASIC chips for Bitcoin mining and is considered to be a bitcoin mining behemoth. It operates Antpool, one of the largest bitcoin mining pools.